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UBS agreed, saying the reduced price that Sky had secured its football rights for would probably boost earnings. Analyst Polo Tang said: 'Materially higher levels of profitability at Sky could lead to shareholders seeking a higher offer price from Fox.'

Crispin Odey, a London-based hedge fund manager who has a stake in Sky, said: 'It looks like [Fox is] not going to get it at the original price.'

The 59-year-old, who founded Odey Asset Management, said Fox was unlikely to succeed now without an offer of 1340p – a 23 per cent premium on their closing price yesterday. Sky declined to comment and 21st Century Fox could not be reached for comment.

It came as campaigners won the right to challenge in the High Court a regulator's ruling that Fox was a 'fit and proper' potential owner of Sky.

Activists Avaaz said a judge agreed to hear arguments against Ofcom's decision that allegations of sexual and racial harassment at Fox News in the US were serious, but not a cause to block the takeover.

It expects the case to be heard before the end of June. The challenge potentially complicates the deal, which Fox is keen to complete before it is taken over itself by Disney.